NN Inc. (NNBR) Rating Increased to Hold at Zacks Investment Research
NN Inc. (NASDAQ:NNBR) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a note issued to investors on Wednesday.
According to Zacks, “NN, Inc. is an independent manufacturer and supplier of high quality, precision steel balls and rollers to both domestic and international anti-friction bearing manufacturers. Precision steel balls and rollers are critical moving parts of anti-friction bearings used in a wide variety of automotive, industrial and other applications. NN also manufacturers a full line of precision injection molded components serving the bearing, automotive, instrumentation, fiber optic and consumer hardware markets. (PRESS RELEASE) “
Separately, William Blair restated a “market perform” rating and set a $15.00 price target (down from $18.00) on shares of NN in a research report on Friday, June 10th. Five equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $15.50.
NN (NASDAQ:NNBR) opened at 19.05 on Wednesday. NN has a 1-year low of $10.34 and a 1-year high of $19.83. The stock’s 50 day moving average price is $17.84 and its 200 day moving average price is $16.12. The company’s market cap is $516.73 million.
NN (NASDAQ:NNBR) last released its quarterly earnings results on Wednesday, August 3rd. The company reported $0.46 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.46. NN had a positive return on equity of 10.72% and a negative net margin of 2.85%. The company had revenue of $214.30 million for the quarter, compared to analyst estimates of $223.14 million. During the same period in the previous year, the company posted $0.37 earnings per share. The firm’s revenue was up 30.0% on a year-over-year basis. On average, equities analysts anticipate that NN will post $1.59 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 16th. Shareholders of record on Friday, September 2nd were paid a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a yield of 1.47%. The ex-dividend date was Wednesday, August 31st. NN’s payout ratio is -34.15%.
A number of hedge funds and other institutional investors have recently made changes to their positions in NNBR. Prudential Financial Inc. boosted its position in shares of NN by 464.6% in the first quarter. Prudential Financial Inc. now owns 62,585 shares of the company’s stock worth $856,000 after buying an additional 51,500 shares during the last quarter. Royce & Associates LP boosted its position in shares of NN by 2.0% in the first quarter. Royce & Associates LP now owns 1,416,666 shares of the company’s stock worth $19,380,000 after buying an additional 28,400 shares during the last quarter. Primecap Management Co. CA boosted its position in shares of NN by 12.6% in the first quarter. Primecap Management Co. CA now owns 1,039,742 shares of the company’s stock worth $14,224,000 after buying an additional 116,742 shares during the last quarter. Goldman Sachs Group Inc. boosted its position in shares of NN by 417.0% in the first quarter. Goldman Sachs Group Inc. now owns 57,792 shares of the company’s stock worth $791,000 after buying an additional 46,614 shares during the last quarter. Finally, Geode Capital Management LLC boosted its position in shares of NN by 5.2% in the first quarter. Geode Capital Management LLC now owns 179,380 shares of the company’s stock worth $2,453,000 after buying an additional 8,844 shares during the last quarter. Institutional investors and hedge funds own 98.44% of the company’s stock.
NN Company Profile
NN, Inc is a diversified industrial company. The Company operates through three segments: the Precision Bearing Components Group, the Precision Engineered Products Group and the Autocam Precision Components Group. Within its Precision Bearing Components Group, the Company manufactures and supplies high precision bearing components, consisting of balls, cylindrical rollers, tapered rollers, spherical rollers and metal retainers for bearing and constant velocity-joint manufacturers.
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